Kojamo plc’s change negotiations concluded

Kojamo plc Stock Exchange Release, 3 October 2023 at 3:00 p.m. EEST

Kojamo plc’s change negotiations concluded

Kojamo plc has concluded the change negotiations which were started on 17 August. At the beginning of the negotiations, the company estimated that the planned measures may lead to lay-offs of no more than 70 employees for the time being and to terminations of employment for no more than 20 employees. However, in total, the changes would concern no more than 80 employees. The negotiations concerned all employees of Kojamo, except the CEO of Kojamo plc.

As the result of the negotiations, 59 employees will be laid off until further notice or for a fixed term, and five person’s duties will end permanently.

In addition to the change negotiations, the number of personnel in the company decreases by a total of almost 30 positions due to resignations and retirements that took place during the summer and early fall, as well as due to unfulfilled positions. As a result of the organisational changes, some new positions will open in the company, which will be offered to employees as an alternative to lay-off or dismissal if possible.

The change negotiations were initiated as a part of the saving programme with which company targets total savings of approximately EUR 43 million in costs and investments during 2024, of which the share of costs is estimated to be approximately EUR 18 million. Furthermore, with the programme, the company aims to enhance operations and adapt organisation to correspond to the changed operating environment.

For more information, please contact:

Jani Nieminen, CEO, Kojamo plc, tel. +358 20 508 3201, jani.nieminen@kojamo.fi

Distribution:

Nasdaq Helsinki, key media

Kojamo is Finland’s largest private residential real estate company and one of the biggest investors in Finland. Our mission is to create better urban housing. Lumo offers environmentally friendly housing and services for the city dweller who appreciates quality and effortlessness. We actively develop the value of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit https://kojamo.fi/en